Thailand sees surge in foreign investment in Q1
Thailand has seen a recent surge in foreign investment, according to recent statistics from the Thai Ministry of Commerce.
Government spokesperson Chai Watcharong yesterday, April 25, unveiled these numbers, highlighting a significant upsurge in foreign investment within the first quarter of 2024. A staggering total of more than 35 billion baht has been funnelled into the Thai economy by foreign investors, thereby creating a ripple effect of income generation and job creation for Thai locals.
The Thai government has been proactive in encouraging such foreign investments, recognising their potential to stimulate local industries, bolster employment, and boost Thailand’s competitiveness on the global stage. The first quarter of 2024 (January to March) saw more than 178 international entrepreneurs seeking permission to establish businesses in Thailand.
The Eastern Economic Corridor (EEC), a region earmarked for investment, proved particularly attractive to foreign investors. Out of the total number of investors, 53 chose to establish their businesses within the confines of the EEC.
The results of this influx of foreign investment are palpable. Over 35.9 million baht was invested in business ventures in this quarter alone, resulting in the creation of more than 849 job opportunities for Thai individuals, according to the Ministry of Commerce.
Taking a closer look at the top five foreign investors, the Japanese led the pack with 40 individuals investing as much as 19.06 million baht. These investments were primarily channelled into advertising or solar energy businesses. Closely following were 32 Singaporean investors with 3.294 million baht put into health rehabilitation services or e-commerce businesses.
American investors took the third spot with 29 individuals directing 1.048 million baht into engineering services or IT businesses. Chinese investors, with a total of 20 individuals, invested 2.886 million baht in metal or software businesses. Lastly, 11 entrepreneurs from Hong Kong injected 1.017 million baht into retail businesses or vehicle parts manufacturing ventures, reported Pattaya News.
These statistics paint a clear picture of Thailand’s growing appeal as a favourable business environment, attracting a diverse range of investors from across the globe. As the Thai government continues to foster such investment, it is evident that both local industries and the broader Thai economy stand to benefit substantially.
